Report on the Revenue Neutral Rate and Structure of Rates for the Goods and Services Tax (GST)

Report on the Revenue Neutral Rate and Structure of Rates for the Goods and
Services Tax (GST)

Full Report on the Revenue Neutral Rate and
Structure of Rates for the Goods and Services Tax (GST) by the Committee headed
by the Chief Economic Adviser (CEA), Dr Arvind Subramanian is attached here
with and is also available on the Ministry of Finance web-site : finmin.nic.in.

India and South Korea signs a New Memorandum of Understanding (MoU) on
suspension of collection of taxes during pendency of Mutual Agreement Procedure
(MAP); MoU to relieve the burden of double taxation for the taxpayer in both
the countries during the pendency of MAP proceedings

A New Memorandum of Understanding (MoU) on
suspension of collection of taxes during pendency of Mutual Agreement Procedure
(MAP) was signed here today between India and South Korea. This MoU will
relieve the burden of double taxation for the taxpayer in both the countries
during the pendency of MAP proceedings.

Earlier a meeting was held here today between Indian and South Korean
delegations headed by Revenue Secretary, Government of India and Commissioner,
National Tax Service, South Korea under the Memorandum of Understanding (MoU)
for Mutual Co-operation between the countries. The New MoU was also signed in
the said Meeting. Further, both sides noted that transfer pricing dispute cases
will be taken-up for MAP under the revised DTAA between India and South Korea.
This is a step towards ease of doing business in India for Korean companies as
it will relieve economic double taxation and promote cross-border trade and
investment.

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Indirect Tax Revenue (Provisional) Collections Increase from Rs. 44,475
Crore in November 2014 to Rs. 55,297 Crore During November 2015;

An Increase of 24.3% Registered During November 2015 over the Corresponding
Period in the Previous Year; Central Excise Collections Increase by 58.3%,
Service Tax Collections Increase by 16.1 % While Customs Collections Increase
by 1.7 % During the Same Period

Indirect Tax Revenue
(Provisional) collections have increased from Rs 44,475 crore in
November 2014 to Rs. 55,297 crore during
November - 2015. Thus an increase of 24.3 % has been registered during November - 2015 over the
corresponding period in the previous year. This is an achievement of 67.8% of the target fixed for BE 2015-16.

Central Excise collections
have increased from Rs.
14,551 crore in November - 2014 to Rs.
23,033 crore during November - 2015
registering an increase of 58.3%.
This is an achievement of 74.8% of
the target fixed at BE 2015-16.

Service Tax collections have
increased from Rs.
12,739 crore in November, 2014 to Rs. 14,789
crore during November, 2015 registering an increase of 16.1%. This is an
achievement of 60.9% of the target
fixed at BE 2015-16.

Customs collections have increased from Rs.17, 185
crore during November 2014 to Rs. 17,475 crore
during November 2015 registering an increase of 1.7%. This is an achievement of 67.2% of the target fixed for BE 2015-16.

Details of
Indirect Tax revenue (provisional) collections during the month November 2015,
along with growth rate compared to the corresponding period in the previous
year.